How is COVID-19 Affecting the Colorado Springs Real Estate Market?
These figures are just the beginning of the impact COVID-19 will have on the local real estate market. It will be interesting to see, as we begin what should be the start of the busy season for real estate, how the virus will affect the already-low inventory and the pent-up desire many people have to move.
The following numbers show the biggest impact so far was the initial week as the shock waves of the virus hit the United States. I do not, unfortunately, have week-by-week numbers from last year, but I will keep track of how people are reacting as we move along this pandemic scale.
Here’s another angle to see what’s been going on during the month of March 2020 – the initial impact month for the coronavirus on the Colorado Springs real estate market.
What This Means in the Colorado Springs Housing Market
New listings were down a total of 14%, but 11% of that was during the first full week after people were being sent home from work. There was only a 3% drop between the second and third weeks, even as the Governor issued Shelter in Place orders.
Homes that went Under Contract or Pending during this time dropped 13% the first week, but were down overall only down 19% for this three-week time period.
As might be expected, Sellers withdrew their homes from the market 41% the first week, but only 15% the second week. Realtors are doing all they can to protect their clients from exposure to the virus, and legislators are being swift about changing laws to accommodate this unusual real estate landscape.
The number of closings is not yet indicative of what is actually happening in real estate sales in Colorado Springs. The number of home sales were down 20% after the first week but made a net gain of 4% over the three-week period. However, homes that closed during this time frame would be houses that were already Under Contract or Pending when the coronavirus shock waves first hit.
I will continue to do a market watch during COVID-19. How are you and your family doing? Is there anything I can do to help? Don’t hesitate to ask questions or reach out if there is something I can do for you.